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Leader of Opposition in Lok Sabha and Congress leader, Rahul Gandhi, on Saturday slammed the Centre, expressing concern over the falling value of the Indian rupee and rising industrial fuel prices amid escalating conflict in West Asia.
Rahul Gandhi warned against inflation in future and said that the Prime Minister Narendra Modi-led government is offering "empty rhetoric" instead of a clear economic strategy. His remarks came after the rupee fell below the 93-mark against the US dollar on Friday, signalling sustained pressure on the domestic currency. He wrote on X, "The rupee weakening against the dollar and heading towards 100, along with a sharp rise in industrial fuel prices--these aren't just numbers; they're clear signals of the inflation to come." He claimed that the production and transport will be more expensive and the Foreign Institutional Investors (FIIs) will be pulling out investment from the Indian stock market. He futher added that after the elections in four states and one Union Territory, the Centre might hike fuel prices. "The government may call it 'normal,' but the reality is: Production and transport will become more expensive. MSMEs will be hit the hardest. Prices of everyday items will go up. FII money will flow out even faster, putting more pressure on the stock market. In other words, it's certain to have a direct and deep impact on every family's pocket. And it's just a matter of time--after the elections, prices of petrol, diesel, and LPG will be hiked too," he added. "The Modi government has neither direction nor strategy--just empty rhetoric. The question isn't what the government is saying--it's what's left on your plate," the X post read. Earlier on Friday, the Indian Rupee weakened further and breached the 93 mark against the US dollar in early trade, hitting a fresh historic low amid ongoing conflict in West Asia and continued foreign outflows. The rupee opened at a record low of 92.89 per dollar on Friday and soon depreciated further to cross the 93 level, indicating sustained pressure on the domestic currency. Meanwhile, prices of industrial diesel have also increased by 25 per cent from Rs 87.67 per litre to Rs 109.59 per litre. This comes against the backdrop of escalating tensions and conflict that began on February 28 with the killing of 86-year-old Iran's Supreme Leader, Ayatollah Ali Khamenei, in joint military strikes by the US and Israel. While Iran, in its retaliation, targeted Israeli and US assets in several Gulf countries and Israel, causing disruption in the waterway and affecting international energy markets and global economic stability. (ANI)
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